China has found Trump's pain point - rare earths

China holds a near-monopoly in the processing of the elements crucial for making everything from smartphones to fighter jets.

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But this wasn't just any bureaucratic missive. It has rocked the fragile tariffs truce with the US.

The announcement detailed sweeping new curbs on its rare earth exports, in a move that tightens Beijing's grip on the global supply of the critical minerals - and reminded Donald Trump just how much leverage China holds in the trade war.

China has a near-monopoly in the processing of rare earths - crucial for the production of everything from smartphones to fighter jets.

Under the new rules, foreign companies now need the Chinese government's approval to export products that contain even a tiny amount of rare earths and must declare their intended use.